When a major life change occurs, you may feel a mixture of excitement and apprehension. These changes can come in many forms, and what you may consider a significant change may not be considered such by someone else. Nonetheless, if you feel that an event in your life could have important impacts, you may need to address that event in certain ways.
If you have already created an estate plan, you have taken a beneficial step in preparing for your future. However, not updating that plan could cause issues, especially if you have experienced a life change. Though some changes may not warrant an update to your estate plan, you may still want to review your plan periodically and determine whether your current views are still reflected in the terms previously created.
Reasons to update your plan
First of all, the simple passage of time could act as a well-enough reason to review and update your estate plan. Over the years, your views on certain aspects of your life or relationships may change, and you may find that updating your plan could be in your best interests. If you are looking for more specific reasons to update your plan, you may wish to consider the following:
- Obtaining a significant asset, such as a house
- Death of a family member or named beneficiary
- Birth or adoption of a child or grandchild
- Value changes of certain assets
- Need to modify a named guardian
- Getting married
- Getting divorced
- Job changes
- Changes in long-term care plans
- Need to modify an executor or trustee designation
- Changes to laws regarding taxes
Though it may prove important to update your estate plan for any of these specific events, you may also want to remember that personal events specific to your situation could also present a need for updates. Therefore, you may find it helpful to remain aware of the terms of your plan and when you feel an update may be needed.
If you would like to update your plan, doing so sooner rather than later may be best. A sudden event that leaves you incapacitated or otherwise unable to express your wishes could take place at any time, and an outdated estate plan may cause complications. If you would like to make updates to your plan, you could speak with a Maryland attorney.